May 21 (Bloomberg) -- Most emerging-market stocks advanced
as a Federal Reserve official said bond purchases should
continue, bolstering the outlook for global economic growth.
Mexico’s IPC Index slumped to an eight-month low.

Brazil’s Ibovespa advanced for a third session as Centrais
Eletricas Brasileiras SA led gains by electrical utilities.
Russian shares rebounded after metal producers gained, while
South African equities rose to a record as media company Naspers
Plc surged. Industrial & Commercial Bank of China Ltd. tumbled
the most in six weeks as a person familiar said Goldman Sachs
Group Inc. sold its $1.1 billion investment in the lender.

The MSCI Emerging Markets Index was little changed at
1,048.13, as 411 shares gained, while 344 fell. Stocks rebounded
after Federal Reserve Bank of St. Louis President James Bullard
said the central bank should continue its quantitative easing
program known as QE because it’s the best available option for
policy makers to boost growth that is slower than expected.

“There’s been a lot of chatter about what’s going to
happen with QE,” Jeff Papp, a senior analyst at Oberweis Asset
Management Inc., which manages about $700 million of
investments, said by phone from Lisle, Illinois. “So anytime
you hear enforcement that it’s going to stay, you’re going to
see equities do well.”

Industrial shares in the developing-nation measure rose,
while financial stocks retreated. The broad index has lost 0.7
percent this year, compared with a 14 percent increase in the
MSCI World Index.

The Ibovespa gained 1 percent to a two-week high as
Eletrobras climbed 7 percent. Mexico’s IPC Index had the biggest
decline among major emerging-market indexes, dropping 1.3
percent. ICA tumbled to the lowest price since November.

Biggest Decline

The FTSE/JSE Africa All-Share Index jumped 1.8 percent to
the highest level since at least 1995, according to data
compiled by Bloomberg. Naspers, Africa’s largest media group,
jumped 3.8 percent.

The rand declined for a ninth day, weakening to a four-year
low, as violent protests at a South African chrome mine renewed
concern that labor disruptions will cut mining output and slow
economic growth.

The Hang Seng China Enterprises Index of mainland companies
lost 0.9 percent, the Shanghai Composite Index gained 0.2
percent. ICBC fell 2.1 percent. Cosco Pacific Ltd., the
container-terminal arm of China’s largest shipping group, gained
4.1 percent after agreeing to sell a $1.2 billion asset. GCL-Poly Energy Holdings Ltd. rose 9 percent on a report the U.S. is
in talks with the European Union and China to settle a dispute
over the trade of solar-energy equipment.